Storage of biological material comprising living cells during both short and prolonged periods of time represents one of the most significant challenges in modern medical science. Cooling to a temperature within the range −20° C. to −176° C. in the presence of cryoprotecting substances still represents the most broadly used method for storage of living cells. The mechanism of cryo-protection involves preventing formation of ice crystals that destroy cells and/or cellular components. However, these and other conventional methods for cell preservation induce stress on the cells being stored, and apoptosis is almost always induced in a portion of cells that are subjected to manipulations involved in storage. (See, for examples, de Boer F, et al. J Hematother Stem Cell Res. 2002 December; 11 (6):951-63; Shapiro A M, et al. Diabetes Technol Ther. 2000 Autumn; 2 (3):449-52; Cookson P, et al. Transfus Med. 2010 December; 20 (6):392-402). Further, cells that are obtained directly from organs and tissues and are not cultured are often injured during storage and transportation. Thus, there is an ongoing and unmet need for improved methods for preserving cells and protecting them from lethal events, such as apoptosis, during storage and/or transportation. The present invention meets this and other needs.